In brief This is some guardedly good news for foreign investors operating in Egypt who are interested in establishing vehicles to import commodities for direct trading on the domestic market in Egypt (i.e., importation for trading). A company can now be majority or wholly-owned by foreign nationals or foreign entities and apply for the importation license for commercial resale. However, the importation license will only be granted for 10 years with a possible renewal for…
In brief In a significant development, the National Council for Wages has finally set the long awaited salary thresholds applicable to the private sector: Minimum wage: EGP 2400 per month Minimum annual salary increase: 3% per year These changes which are implemented by virtue of decree No. 57 of 2021 will apply as of 1 January 2022. What has changed? Effective January 2022: All companies must ensure that their employees receive no less than EGP…